Is this right?
Comments
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there is huge wealth gap, between financial literate people poor unfortunately. figure seems right imo.
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No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc. -
Back of the envelope maff:
The max contribution annually to an IRA is 6K (7K after you're 50). Contributing a full 6K, with 10% return takes around 30 years to hit a million. At 15% return it is still ~23 years.
Doing that for a 401K using 19K as the assumed contribution takes 16 years at 15% return and 20 at 10% return. Sure you can go higher than the 19K, with employer match (Love my 6.5% extra there) but it obviously takes a long time to hit 1m with optimistic assumptions on the contributions during the early years.
I'm also curious if these are numbers for a single account or across multiple accounts. IRAs having so many are surprising given the lower contribution allowances, but perhaps with 401K rollovers to IRAs boost those numbers. -
I feel like the middle class is vanishing. I have no numbers to back it up but just what I sense around me.
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Welcome to 2001DerekJohnson said:I feel like the middle class is vanishing. I have no numbers to back it up but just what I sense around me.
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You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k. -
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire -
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire -
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.creepycoug said:
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
When I say woof about gen x, I’m talking how 35% of 50 year olds have <50k in total assets etc.
When I see that, I think a retirement crisis is on the horizon that will require govt intervention. Or we will just become Italy and everyone’s grandparents will live with them Charlie and the chocolate factory style starting in 20 years
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I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.ntxduck said:
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.creepycoug said:
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
When I say woof about gen x, I’m talking how 35% of 50 year olds have
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
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What’s the line between Gen X and Millennial from their perspective?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
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Unless you develop a serious gambling and/or drug addiction in retirement, you’re going to be more than ok based on that plan.creepycoug said:
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.ntxduck said:
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.creepycoug said:
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
When I say woof about gen x, I’m talking how 35% of 50 year olds have
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
I think renting is def the correct route. Being a landlord can be a pain but I don’t see myself ever selling my first house (rent is mortgage + $1500/mo currently). I just wish I’d listened to my dad more growing up. He always tried to teach me woodworking/metal working (his hobby) and I would always tell him to fuck off. Now I’m looking into apprenticeships at local shops to pick up the skills in my spare time. -
I’m in my early 50s so I’m squarely an X-er.whlinder said:
What’s the line between Gen X and Millennial from their perspective?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire -
Off the top of my head gen x was 1965(?)-1980, millennials from 1981 to 1995.whlinder said:
What’s the line between Gen X and Millennial from their perspective?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire -
Also, anecdotal but I hear a lot more stories about real estate family members/friends have sold that they shouldn’t have then Vice versa. My great grandma owned a big house basically caddie corner from Hayward field and sold it in the late 80s for around 35k. Would have been a real nice asset to have in the family. Lesson learned—don’t be my great grandmantxduck said:
Unless you develop a serious gambling and/or drug addiction in retirement, you’re going to be more than ok based on that plan.creepycoug said:
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.ntxduck said:
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.creepycoug said:
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
When I say woof about gen x, I’m talking how 35% of 50 year olds have
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
I think renting is def the correct route. Being a landlord can be a pain but I don’t see myself ever selling my first house (rent is mortgage + $1500/mo currently). I just wish I’d listened to my dad more growing up. He always tried to teach me woodworking/metal working (his hobby) and I would always tell him to fuck off. Now I’m looking into apprenticeships at local shops to pick up the skills in my spare time. -
Want to follow up on this ... on the road. Both the real estate piece and the carpentry skills.ntxduck said:
Also, anecdotal but I hear a lot more stories about real estate family members/friends have sold that they shouldn’t have then Vice versa. My great grandma owned a big house basically caddie corner from Hayward field and sold it in the late 80s for around 35k. Would have been a real nice asset to have in the family. Lesson learned—don’t be my great grandmantxduck said:
Unless you develop a serious gambling and/or drug addiction in retirement, you’re going to be more than ok based on that plan.creepycoug said:
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.ntxduck said:
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.creepycoug said:
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?ntxduck said:
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).creepycoug said:
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
When I say woof about gen x, I’m talking how 35% of 50 year olds have
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
I think renting is def the correct route. Being a landlord can be a pain but I don’t see myself ever selling my first house (rent is mortgage + $1500/mo currently). I just wish I’d listened to my dad more growing up. He always tried to teach me woodworking/metal working (his hobby) and I would always tell him to fuck off. Now I’m looking into apprenticeships at local shops to pick up the skills in my spare time. -
Lol, no offense Derek, but no "feelings" needed. The middle class vanishing is one of the most quantifiable and striking trends of the last 30 years.DerekJohnson said:I feel like the middle class is vanishing. I have no numbers to back it up but just what I sense around me.
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Disagree. America is House rich which is why homeowners and small re investors are about to get squeezed in Washington state and I’d imagine every blue state in the country. The report is from fidelity, the data is comprehensive. You 401(k)/IRA Millionares out there are not particularly common.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
I met a guy in Lauralhurst(?) about three years ago. Some property tax issue was in the news, I can’t remember which one, he casually mentions the thousands he’s about to get jacked and laughed it off. He was asked if he had a limit where it’s “too much” Nope. Not at all. The way he looked at it, whatever was happening in Seattle appreciation wise far outweighed the amount he was getting hit for and although it would eventually cause him a cash flow issue, he was confident the market would always lend against his rising equity to fund their need for increasing property tax. -
Which is causing further pressure on inventories moving forward.
Don’t get me started on how fucking selfish and/or Spineless (and yes, sometimes even Spiteful) a Reverse Mortgage is with how it’s gumming up the overall market
Also, anecdotal but I hear a lot more stories about real estate family members/friends have sold that they shouldn’t have then Vice versa. My great grandma owned a big house basically caddie corner from Hayward field and sold it in the late 80s for around 35k. Would have been a real nice asset to have in the family. Lesson learned—don’t be my great grandma -
Just imagine Great Grandma in a different scenario.
Imagine Great Grandma back in 1986 running into a Suave @creepycoug’s future Mentor down at Church on Wednesday night and while serving meals together to the under privileged said, “ Yo, GG (he liked to call her that because it made her giggle and that’s just the way he rolled) You looked stressed, what-up?
and she said,
“I just got this check from the house and I just don’t know what to do.”
Suave @creepycoug’s future mentor being the high character brilliant man you would expect him to be said, “ What is it you want to do?”
GG>>> Well, as you know, I’m moving to Great Retirement Village in Anytown. With my income I have more than enough to cover it, still save money and fulfill my pledge here. I want to hold back $Ten thousand dollars for just in case money and put twenty five thousand dollars into one of those Trusts you set up for Margaret last month but I don’t want loudmouth Margaret or anyone else to know about it.
Now Suave @ccfm, being the business and estate planning specialist he is, has seen this seen this scenario a thousand times and he wanted to help her. So, he kept asking questions -
It had to be sarkasm. Either that or the timcast, milo, rush, and Alex haven’t been covering economis.GreenRiverGatorz said:
Lol, no offense Derek, but no "feelings" needed. The middle class vanishing is one of the most quantifiable and striking trends of the last 30 years.DerekJohnson said:I feel like the middle class is vanishing. I have no numbers to back it up but just what I sense around me.
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Later in the week, S@ccfm met GG for lunch and discovered what her real intentions were. She referred to this as her Gift from God and laid it all out. She wanted S@ to purchase $25,000 in Microsoft stock at the Market in the name of the Trust from young Tommy who is a nice boy and had just started at Merrill Lynch so could use the Commission, to hold in the trust for 30 years at which tim, the Sauve@ one would distribute the proceeds to the Beneficiaries as directed. Suave would have full discretion over the account and it would be their little secret. They finished their lunch said their goodbyes and Suave tidied up the paperwork.
GG died fulfilled just 4 short years later with the knowledge the seed they planted together was growing quite nicely.
26 years had passed and Suave was now ready for the Big reveal to all the Beneficiaries, simultaneously, in the same room just as GG had envisioned it.
Turns out 50% would go to the Church. Let’s face it. God brought GG and Suave together many years ago for This day and since He is a much Bigger guy than Joe Biden, he deserves a bigger cut, right?
But the interesting part of the story came with the other 50%.
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Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim -
I think I’m going to be Caren here in a few years. FYFMFEdoogie said:Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim -
I think I’m going to be Caren here in a few years. FYFMFEdoogie said:Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim -
I think I’m going to be Caren here in a few years. FYFMFEdoogie said:Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim -
I think I’m going to be Caren here in a few years. FYFMFEdoogie said:Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim -
Helps the Club’s post stats. I’ll allow it.BennyBeaver said:
I think I’m going to be Caren here in a few years. FYFMFEdoogie said:Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim -
You could very well be correct in your premise that America is house rich and lacking in investment wealth. But, the data cited by Fidelity is not comprehensive and inclusive of other investment advisors or brokers. The chart and data from which the chart is derived include only Fidelity accounts. In addition, since it is not per person, there may be people with retirement assets in many different accounts, like 200k in a traditional IRA, 400k in a Roth IRA, and 500k in a 401k, all at Fidelity. Since it’s by account and not investor, such a person would not be included as a 401k/IRA millionaire according to Fidelity’s criteria.doogie said:
Disagree. America is House rich which is why homeowners and small re investors are about to get squeezed in Washington state and I’d imagine every blue state in the country. The report is from fidelity, the data is comprehensive. You 401(k)/IRA Millionares out there are not particularly common.spuden said:No, it’s not right.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
I met a guy in Lauralhurst(?) about three years ago. Some property tax issue was in the news, I can’t remember which one, he casually mentions the thousands he’s about to get jacked and laughed it off. He was asked if he had a limit where it’s “too much” Nope. Not at all. The way he looked at it, whatever was happening in Seattle appreciation wise far outweighed the amount he was getting hit for and although it would eventually cause him a cash flow issue, he was confident the market would always lend against his rising equity to fund their need for increasing property tax.
While I believe there are probably a lot of Gen X that need to save more, from my circle of friends I literally know no one not maxing 401k contributions to the individual IRS limit of $19,500. That adds up to reasonably significant household wealth in a 10 year bull market with a working spouse who also maxes the 401k contribution.
I don’t live in Seattle and haven’t since I graduated from UW. I live in DC and it seems to have similar real estate prices to Seattle at the present time. DC proper property appreciation has been pretty significant over the last 10-15 years. With certain gentrifying areas appreciating at warp speed.
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YKW - pics of Caren or GTFO.creepycoug said:
Helps the Club’s post stats. I’ll allow it.BennyBeaver said:
I think I’m going to be Caren here in a few years. FYFMFEdoogie said:Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
